Supreme Court Library Fund (Investment) Rules 2002

i Supreme Court Library Fund (Investment) Rules 2002 S.R. No. 118/2002 TABLE OF PROVISIONS Rule Page 1. Object 1 2. Authorising provisions 1 3. Commencement 1 4. Revocation 1 5. Definitions 1 6. Income and Expenditure Account and Investment Fund 2 7. Investment Committee 2 8. Investment Committee responsible for investments of Investment Fund 3 9. Investments 4 10. Income and Expenditure Account 4 11. Report on the Investment Fund 4 ═══════════════ ENDNOTES 7 -- 1 of 8 -- 1 STATUTORY RULES 2002 S.R. No. 118/2002 Supreme Court Act 1986 Supreme Court Library Fund (Investment) Rules 2002 The Judges of the Supreme Court make the following Rules: 1. Object The object of these Rules is to make rules concerning the application (including investment, change of investment and manner of investment) of the Supreme Court Library Fund. 2. Authorising provisions These Rules are made under section 25 of the Supreme Court Act 1986 and all other enabling powers. 3. Commencement These Rules come into operation on 31 January 2003. 4. Revocation The Supreme Court Library Fund (Investment) Rules 19921 , are revoked. 5. Definitions In these Rules— "Investment Fund" includes money standing to the credit of the Fund, securities transferred to the Fund and investments made out of the Fund; -- 2 of 8 -- S.R. No. 118/2002 Supreme Court Library Fund (Investment) Rules 2002 2 "the revoked Rules" mean the Supreme Court Library Fund (Investment) Rules 1992. 6. Income and Expenditure Account and Investment Fund (1) For the purpose of ensuring that such part of the Supreme Court Library Fund as is from time to time available for investment is fully and properly invested the Supreme Court Library Fund shall be apportioned between an account to be known as the "Income and Expenditure Account" and a fund to be known as the "Investment Fund". (2) The Income and Expenditure Account and the Investment Fund constituted and existing under the revoked Rules shall be the Income and Expenditure Account and the Investment Fund for the purposes of these Rules. 7. Investment Committee (1) For the purpose of managing the Investment Fund there shall be an Investment Committee. (2) The Investment Committee shall be appointed by the Library Committee and shall consist of not less than three nor more than five persons. A quorum shall be three. (3) The members of the Investment Committee in office under the revoked Rules immediately before the commencement of these Rules shall, subject to these Rules, continue in office as members of the Investment Committee under these Rules; and (4) The Library Committee may— (a) remove any member of the Investment Committee; or (b) fill any vacancy on the Investment Committee. r. 6 -- 3 of 8 -- S.R. No. 118/2002 Supreme Court Library Fund (Investment) Rules 2002 3 (5) All investments of money standing to the credit of the Investment Fund shall be made in the name of a nominee company being a company limited by guarantee of which all directors are Judges of the Supreme Court and which engages in no activities other than the holding of securities and other investments comprised in the Investment Fund. 8. Investment Committee responsible for investments of Investment Fund (1) The Investment Committee shall be responsible for investing and keeping invested the Investment Fund. (2) The Investment Committee shall ensure that the securities in which the Investment Fund is invested are widely spread and that no undue proportion of the securities is confined to the securities of any one company or companies in a particular field of industry or commerce. (3) The Investment Committee shall employ a member of the Australian Stock Exchange of at least 10 years' standing— (a) to advise on the suitability of proposed investments for the Investment Fund; (b) to review— (i) at least once in each year, the performance (individually and as a whole) of the securities in which the Investment Fund is invested; and (ii) the investments made by the Investment Committee as occasion requires— and in each case to recommend any desirable changes; and (c) to make a report as required by Rule 11(2)(b). r. 8 -- 4 of 8 -- S.R. No. 118/2002 Supreme Court Library Fund (Investment) Rules 2002 4 9. Investments The Investment Fund shall be invested in securities in accordance with the provisions of the law of the State of Victoria relating to the investment of trust funds. 10. Income and Expenditure Account (1) All income from investments made by the Investment Committee shall be paid to the Income and Expenditure Account. (2) The proceeds of the realisation of any securities forming part of the Investment Fund shall be credited to the Investment Fund. (3) The Library Committee or the Finance Sub- Committee of the Library Committee may from time to time transfer any moneys standing to the credit of the Income and Expenditure Account to the Investment Fund. (4) The Investment Committee shall make available to the Library Committee or the Finance Sub- Committee of the Library Committee such amounts of money as the Library Committee or the Finance Sub-Committee of the Library Committee from time to time requests and for that purpose the Investment Committee may realise such of the investments forming part of the Investment Fund as it thinks fit. 11. Report on the Investment Fund (1) The Investment Committee shall submit to the Library Committee not later than 30 September in each year a written report on the Investment Fund. (2) The report shall be accompanied by— (a) properly audited accounts of the Investment Fund made up to 30 June in the year immediately preceding the presentation of the report; r. 9 -- 5 of 8 -- S.R. No. 118/2002 Supreme Court Library Fund (Investment) Rules 2002 5 (b) a report in writing by the person employed pursuant to Rule 8(3) stating his or her opinion of the investments constituting the Investment Fund and making any recommendations thought necessary or desirable in relation to the proper investment of the Investment Fund; and (c) a statement setting out all purchases and sales of securities by the Investment Committee during the period to which the accounts relate and a complete list of all the investments of the Investment Fund as at 30 June in the year immediately preceding the presentation of accounts showing the descriptions, quantity and market value of the investments. Dated: 1 November 2002 J. H. PHILLIPS, C.J. W. F. ORMISTON, J.A. JOHN D. PHILLIPS, J.A. J. M. BATT, J.A. G. M. EAMES, J.A. BERNARD G. TEAGUE, J. P. D. CUMMINS, J. T. H. SMITH, J. DAVID ASHLEY, J. JOHN COLDREY, J. D. L. HARPER, J. H. R. HANSEN, J. PHILIP MANDIE, J. ROSEMARY BALMFORD, J. E. W. GILLARD, J. r. 11 -- 6 of 8 -- S.R. No. 118/2002 Supreme Court Library Fund (Investment) Rules 2002 6 MURRAY B. KELLAM, J. BERNARD D. BONGIORNO, J. D. J. HABERSBERGER, J. R. S. OSBORN, J. GEOFFREY NETTLE, J. R. F. REDLICH, J. K. WILLIAMS, J. ═══════════════ r. 11 -- 7 of 8 -- S.R. No. 118/2002 Supreme Court Library Fund (Investment) Rules 2002 7 ENDNOTES 1 Rule 4: S.R. No. 212/1992 as amended by S.R. Nos 24/1995 and 58/1996. Endnotes -- 8 of 8 --